Hines Snags 1.2 MSF Industrial Park in Arizona
- Dec 22, 2016
By Veronica Grecu
Phoenix—Southwest Industrial Center, a Class A industrial park in Phoenix, landed a new owner.
Hines recently purchased the asset from Hillwood Property Trust in a deal negotiated by JLL’s Tony Lydon and Marc Herzberg. Though financial terms of the transaction were not disclosed, AZ Big Media reported that the industrial park was acquired for $47.3 million.
The deal involved a 684,000-square-foot logistics warehouse located at 7775 W. Buckeye Road in southwest Phoenix, as well as an adjacent development parcel that can accommodate a 567,000-square-foot building.
“Our logistics group is excited to continue our expansion in Phoenix with what we see as the Southwest Valley’s premier property. With our recent investment in Goodyear and this new acquisition at Buckeye and 75th, we are pleased with our growth in the Southwest Valley. As part of our commitment to the Phoenix market, we are now targeting investments in the Sky Harbor airport submarket,” said Hines’ senior managing director Palmer Letzerich in prepared remarks.
Built in 2014, the existing structure is 35 percent occupied by AmerisourceBergen, a drug wholesale company based in Chesterbrook, Pa. The new owners are aggressively targeting new tenants for the remaining space in the one-story building and have the flexibility to create build-to-suits of up to 570,000 square feet on the upcoming second building.